Payroll-linked bill payment platform Highline Technologies has secured $13m in a Series A funding round led by Jump Capital, Costanoa Ventures, Foundation Capital among other investors.
The capital is expected to help Highline expand its employee headcount, facilitate more strategic alliances and market adoption of its products and services.
Go deeper with GlobalData
Highline, set up in 2020, enables users to automate bill payments directly from their pay cheque. This helps them address the issues of missed payments and overdraft fees.
It enables consumer lenders to expand approvals, tap potential customers and increase revenue.
Consumer lenders, using the platform, can improve their portfolio with lower risks.
Highline offers payroll-linked lending to any asset class, benefitting both lenders and consumers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to the fintech, this mode of lending cuts the number of missed payments by up to two-thirds compared to conventional payment methods, and also reduces default rates by over half.
On the other hand, it allows lenders to make informed decisions.
Highline co-founder and CEO Geoff Brown said: “We are grateful to our investors and excited by the possibilities that this round of funding represents.
“It will enable us to continue building a world-class team and connect with a growing number of customers and partners throughout the industry who are equally committed to providing more borrowers with access to the credit and banking services they deserve.”
Foundation Capital partner Zach Noorani said: “It has been many years, decades arguably, since US consumer lending has seen an innovation of this magnitude.
“Through Highline’s payment platform, tens of millions of non-prime consumers will eventually be able to access prime-priced financial products. That is hundreds of billions a year in potential savings.”
The payments fintech, which secured seed funding in 2021, has seen a two-fold growth in its staff strength over the first half of this year alone.
In 2021, Highline launched clients in personal loan, lease-to-own, retail and credit card sectors.
